Oakley Capital invests in sailing technology distributor

2nd Jun 2014 08:35

AIM-listed Oakley Capital Investment on Monday said that its Fund II is set to acquire North Sails Europe, which distributes sailing technology and products in Europe and New Zealand. The agreement comes after it acquired US-based North Technology Group earlier this year, allowing North Sails to operate on a global basis under common ownership and management. In 2013, North Sails Europe had revenues of over €56m, the majority of which is recurring, being derived from the maintenance of sails and the normal replacement and upgrade cycle. The total enterprise value for the business is €30m. Following the acquisition, which is expected to complete by the end of June, Oakley will merge North Sails with North Technology, which the aim of creating a global company that has "an enhanced capability to provide the best sails, service and sailing technology on a global basis". Oakley Director Peter Dubens said: "We are delighted to be backing an iconic brand like North Sails. The acquisition of the European distributor and licensee will allow North Sails to provide seamless service, products and technology on a global basis."Fund II is a mid-market private equity fund and the successor to the Oakley Capital Private Equity L.P.. NR